4831 Sycamore AvePasadena, TX 77503

For Sale
Call for price

17-Unit Apartment Building, Texas

Overview

Added:
Dec 11, 2024
Days on market:
94
Sycamore Flats, a 17-unit apartment building located at 4831 Sycamore Ave, Pasadena, TX 77503, presents a compelling investment opportunity. This Class C multifamily property, totaling 9,470 square feet, boasts a strong 94% occupancy rate as of October 2, 2024. Built in 1963 and extensively renovated between 2022 and 2023, the property features modernized interiors and a durable metal roof, minimizing deferred maintenance. The single-story building offers significant value-add potential through rent increases and addressing loss to lease, projected to boost earnings by nearly 12%. Situated in Harris County, approximately 20 miles southeast of downtown Houston, Sycamore Flats benefits from excellent access to major employment centers, highways, and airports within the Houston MSA. The property is offered free and clear of existing debt, with a current cap rate of 6.00% and a pro-forma cap rate of 6.95%. This turnkey investment provides immediate cash flow and strong potential for long-term growth, making it an attractive acquisition for discerning investors seeking a stable and appreciating asset in a desirable location. The property's recent renovations ensure minimal immediate capital expenditures, allowing investors to focus on maximizing returns.

Highlights

  • Prime Houston MSA location near major employment, entertainment, and highways.
  • Extensive capital improvements completed within the last 12 months, minimizing deferred maintenance.
  • Significant value-add potential: increase effective gross income (EGI) by approximately 12% by addressing loss to lease and implementing rent increases.
  • Offered free and clear of existing debt.

Property Details for 4831 Sycamore Ave

Property type
Multifamily properties, Apartment buildings
Square Feet
9,470 SF
Class
C
Year Built/Renovated
1963/2022
Buildings
1
Stories
1
Units
17

Location Insight

City
Pasadena
County
Harris
State
Texas
Latitude
29.670450527775
Longitude
-95.168752090732
4831 Sycamore Ave, Pasadena, Texas

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4831 Sycamore Ave
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